A city fringe condo project in District 15 - Pebble Bay - chalked up average resale gains of more than $1,077,000 across six resale transactions in September. The top 10 most profitable projects in the month of September were varied, with developments located around the island, based on URA Realis caveat data analysed by PropNex Research.
First, some details about the methodology which entails a comparison of sales caveats. The gains garnered for the units were derived by matching the condo resale transactions in September with their previous purchase prices according to caveats lodged. The average profit was subsequently computed on a project basis. To minimise sampling errors, resale condominium projects that posted fewer than five transactions during the month are excluded from the study.
Tepid resale condo activity in September
The resale market momentum simmered in September, with 933 condo units worth $1.77 billion being resold during the month compared with the previous month, which saw 1,083 resale transactions valued at nearly $2 billion being done. In September, the top 10 most profitable projects had average profits ranging from $446,000 to $1,077,000. By a ranking of the average profit, seven projects are in the Outside Central Region (OCR), three out of the top 10 projects are in the Rest of Central Region (RCR), there were no projects in the Core Central Region (CCR) which made the top 10 rankings.
Top 10 Resale Condo projects^ in terms of average gross profit*
Project Name | No. of transactions | Average Gains ($) | Average Annualised Gains (%)# | Year completed | Region |
| PEBBLE BAY | 5 | $1,077,600 | 3.8% | 1997 | RCR |
| TREVISTA | 5 | $955,404 | 5.7% | 2011 | RCR |
| CARIBBEAN AT KEPPEL BAY | 5 | $854,601 | 2.1% | 2004 | RCR |
| PALM GARDENS | 5 | $730,358 | 5.2% | 2000 | OCR |
| THE PANORAMA | 9 | $670,080 | 5.0% | 2017 | OCR |
| LA FIESTA | 5 | $633,340 | 4.3% | 2016 | OCR |
| REGENT PARK | 5 | $578,400 | 4.1% | 1997 | OCR |
| A TREASURE TROVE | 5 | $568,778 | 5.5% | 2015 | OCR |
| THE CLEMENT CANOPY | 5 | $480,578 | 4.6% | 2019 | OCR |
| TWIN VEW | 6 | $445,648 | 4.6% | 2021 | OCR |
Most of the projects that made the top 10 list are developments that have desirable locational or physical attributes, such as being close to an MRT station (Trevista, La Fiesta), close to a waterbody (Pebble Bay, Carribean at Keppel Bay), or are recently completed developments (Twin VEW, The Clement Canopy).
Details
Location: Tanjong Rhu Road
Postal District: 15
Tenure: 99-year leasehold
Nearest MRT: Tanjong Rhu (200 metres)
Year of Completion: 1997
Summary
Pebble Bay is a 520-unit waterfront residential development that was completed in 1997. The closest MRT station, Tanjong Rhu station on the Thomson-East Coast Line is located just minutes' walk from the project. The project enjoys unblocked waterfront views of the Kallang River Basin and is close to amenities like Kallang Wave Mall, Sports Hub and East Coast Park. It is also well-served by major expressways including the East Coast Parkway (ECP) and Pan Island Expressway (PIE). It is also a short 10-minute and 15-minute drive to the Changi Airport and the CBD respectively via the ECP. Residents can take advantage of the full range of condominium facilities including barbeque area, tennis court, jacuzzi, playground, swimming pool, clubhouse, function room, and gymnasium.
PEBBLE BAY Transactions in September 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
#18-XX | 3,450,000 | 1,894 | 1,821 | 1,020,000 | Jun-12 | 2.9% |
#18-XX | 3,575,000 | 2,336 | 1,531 | 1,975,000 | Aug-00 | 3.4% |
#17-XX | 2,408,000 | 1,367 | 1,761 | 1,198,000 | May-07 | 4.1% |
#02-XX | 2,350,000 | 1,302 | 1,804 | 580,000 | Jan-13 | 2.5% |
#10-XX | 3,390,000 | 1,894 | 1,789 | 615,000 | Apr-21 | 6.0% |
Details
Location: Lorong 3 Toa Payoh
Postal District: 12c
Tenure: 99-year leasehold
Nearest MRT: Braddell (150 metres)
Year of Completion: 2011
Summary
Trevista, a condominium project completed in 2011 is located in Toa Payoh, within District 12. The residential development consists of three 39-storey towers, with 590 units in total. The project has a wide range of unit sizes and types, ranging from 1-bedroom units to 4-bedroom apartments. Families with school-going children will be attracted to the project as it is situated near a number of schools, including CHIJ Primary School (Toa Payoh), Kheng Cheng School, Pei Chun Public School, and Beatty Secondary School. The project is also situated close to a number of amenities, including the Toa Payoh West Market and Food Centre, Toa Payoh Hub and others. The project is less than 5 minutes' walk from the Braddell MRT station, on the North-South Line (NSL), which takes commuters to the city within 30 minutes.
TREVISTA Transactions in September 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#15-XX | 1,870,000 | 1,012 | 1,848 | 690,000 | Jun-16 | 5.8% |
#07-XX | 1,590,000 | 861 | 1,846 | 330,000 | Aug-21 | 8.1% |
#11-XX | 3,130,000 | 1,733 | 1,806 | 1,627,120 | Feb-10 | 5.2% |
#09-XX | 2,280,000 | 1,130 | 2,017 | 1,075,200 | Jun-10 | 4.6% |
#06-XX | 2,060,000 | 1,130 | 1,823 | 1,054,700 | Sep-09 | 4.9% |
Details
Location: Keppel Bay Drive
Postal District: 4
Tenure: 99-year leasehold
Nearest MRT: Harbourfront (720 metres)
Year of Completion: 2004
Summary
Caribbean At Keppel Bay is a residential waterfront development in District 4, situated along Keppel Bay. The condominium is located between the Harbourfront MRT interchange and Telok Blangah MRT station. On top of enjoying views of the scenic Keppel Bay, residents can also enjoy much added convenience, with many commercial shopping options within close proximity, such as Vivocity and Harbourfront Centre, as well as being just 5 minutes' drive from the Sentosa Island. The project was completed in 2004 and has some 969 residential units in the residential blocks, with a wide range of facilities such as a fitness corner, game room, jacuzzi, lap pool, multi-purpose hall, playground, swimming pool, clubhouse, function room, gymnasium room, jogging track, lounge, pavilion, sauna and wading pool.
CARIBBEAN AT KEPPEL BAY Transactions in September 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#04-XX | 3,400,000 | 2,583 | 1,316 | 1,563,100 | Oct-00 | 2.6% |
#13-XX | 2,600,000 | 1,356 | 1,917 | 1,350,800 | Oct-00 | 3.1% |
#05-XX | 4,850,000 | 2,723 | 1,781 | 100,000 | Dec-19 | 0.4% |
#11-XX | 2,300,000 | 1,227 | 1,874 | 631,280 | May-10 | 2.3% |
#08-XX | 2,300,000 | 1,227 | 1,874 | 627,825 | Sep-09 | 2.1% |
Details
Location: Hong San Walk
Postal District: 23
Tenure: 99-year leasehold
Nearest MRT: Keat Hong LRT (50 metres) / Choa Chu Kang (650 metres)
Year of Completion: 2000
Summary
Palm Gardens, a condominium project that was completed in 2000, is located in the bustling town of Choa Chu Kang within District 23. The residential development consists of four 19-storey towers, with 694 units. The project has a wide range of unit sizes and types, ranging from 2-, 3- and 4-bedroom units. Nearby amenities include the Lot 1 Shoppers' Mall and Keat Hong Community Centre.
PALM GARDENS Transactions in September 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
#19-XX | 1,248,000 | 1,216 | 1,026 | 771,000 | Jan-99 | 3.8% |
#11-XX | 1,888,888 | 1,938 | 975 | 388,888 | Sep-21 | 8.0% |
#17-XX | 1,560,000 | 1,432 | 1090 | 990,000 | May-03 | 4.8% |
#19-XX | 1,230,000 | 1,206 | 1,020 | 762,900 | Dec-98 | 3.8% |
#11-XX | 1,280,000 | 1,206 | 1,062 | 739,000 | Apr-09 | 5.7% |
Details
Location: Ang Mo Kio Avenue 2
Postal District: 28
Tenure: 99-year leasehold
Nearest MRT: Mayflower (250 metres)
Year of Completion: 2017
Summary
The Panorama, a condominium project completed in 2017 is located in Ang Mo Kio, next to the serene Sembawang Hills landed estate, within District 28. The residential development consists of four 17-storey towers and two 20-storey towers, with 698 units in total. The project has a wide range of unit sizes and types, ranging from 1-bedroom units to 5-bedroom apartments. Families with school-going children will be attracted to the project as it is situated near a number of schools, including CHIJ St. Nicholas Girls' School, Ang Mo Kio Primary School, and Mayflower Secondary School. The project is also situated close to a number of amenities, including the Mayflower Market and Food Centre, AMK Hub, Lower Pierce Reservoir and more. The project is less than 5 minutes' walk from the Mayflower MRT station, on the newly-opened Thomson-East-Coast line (TEL), which takes commuters to the city within 20 minutes.
THE PANORAMA Transactions in September 2024
Floor/ Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
#14-XX | 1,348,000 | 700 | 1,927 | 467,240 | Feb-14 | 4.1% |
#08-XX | 1,368,000 | 700 | 1,955 | 392,780 | Feb-14 | 3.3% |
#16-XX | 2,360,000 | 1,130 | 2,088 | 927,879 | Nov-15 | 5.9% |
#12-XX | 2,080,000 | 1,066 | 1,952 | 783,611 | Feb-17 | 6.4% |
#04-XX | 1,900,000 | 1,012 | 1,878 | 705,624 | May-16 | 5.8% |
#11-XX | 2,168,888 | 1,023 | 2,121 | 936,272 | Jun-14 | 5.7% |
Details
Location: Sengkang Square
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Sengkang (100 metres)
Year of Completion: 2016
Summary
La Fiesta, a condominium project that was completed in 2016, is located in Sengkang New Town within District 19. The residential development consists of thirteen 15-storey towers, with 810 units. The project has a wide range of unit sizes and types, ranging from studio units up to 5-room penthouses. The project is located close to the Sengkang MRT and bus interchange, as well as the myriad of amenities at the transport hub - including Compass One, Sengkang Community Centre and public library.
LA FIESTA Transactions in September 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#02-XX | 1,700,000 | 1,001 | 1,698 | 562,500 | Jan-13 | 3.5% |
#05-XX | 2,163,000 | 1,367 | 1,582 | 709,200 | Jun-15 | 4.4% |
#01-XX | 1,620,000 | 1,001 | 1,618 | 520,000 | Aug-14 | 3.9% |
#11-XX | 2,150,000 | 1,346 | 1,598 | 650,000 | Apr-16 | 4.4% |
#25-XX | 2,388,000 | 1,421 | 1,681 | 725,000 | Jul-17 | 5.2% |
Details
Location: Jalan Lempeng
Postal District: 5
Tenure: 99-year leasehold
Nearest MRT: Clementi (400 metres)
Year of Completion: 1997
Summary
This project is located in Clementi; Regent Park condominium - with 276 residential units across two 9-storey blocks. The unit-mix features 2- to 3-bedroom apartments. Just a short 5-minute walk to Clementi MRT station and the amenities at Clementi Central including Clementi Mall, Grantral Mall, Clementi Market and Food Centre. The commute to from the development to the city centre takes about 35 minutes via the MRT, and about 20 minutes via the Ayer Rajah Expressway (AYE).
REGENT PARK Transactions in September 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#08-XX | 1,660,000 | 1,227 | 1,353 | 520,000 | May-18 | 6.2% |
#03-XX | 1,210,000 | 904 | 1,338 | 560,000 | Oct-09 | 4.3% |
#15-XX | 1,250,000 | 958 | 1,305 | 650,000 | Sep-07 | 4.4% |
#21-XX | 1,250,000 | 958 | 1,305 | 632,000 | May-95 | 2.4% |
#18-XX | 1,810,000 | 1,195 | 1,515 | 530,000 | Oct-12 | 3.0% |
Details
Location: Punggol Walk
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Punggol (260 metres)
Year of Completion: 2015
Summary
A Treasure Trove is a residential development nestled in the heart of Punggol town. It consists 882 units spread across 12 blocks. A Treasure Trove has a wide range of units ranging from 2-bedroom units up to the spacious 7-bedroom units. In addition, residents have access to a wide range of facilities on-site such as barbeque area, fitness corner, gymnasium room, lap pool, sauna, tennis courts, clubhouse. A Treasure Trove is located directly opposite Punggol MRT Station on the North-East Line, as well as Punggol Waterway Point, which provides numerous retail and dining options including a cineplex.
A TREASURE TROVE Transactions in September 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
#01-XX | 2,032,888 | 1,335 | 1,523 | 861,888 | Sep-11 | 4.4% |
#02-XX | 1,680,000 | 1,130 | 1,486 | 701,000 | Oct-11 | 4.3% |
#16-XX | 1,425,000 | 915 | 1,557 | 485,000 | Apr-17 | 5.8% |
#01-XX | 1,180,000 | 775 | 1,523 | 285,000 | Apr-21 | 8.6% |
#13-XX | 1,250,000 | 775 | 1,613 | 511,000 | Oct-11 | 4.2% |
Details
Location: Clementi Avenue 1
Postal District: 5
Tenure: 99-year leasehold
Nearest MRT: Clementi (900 metres)
Year of Completion: 2019
Summary
This project is also in Clementi; The Clement Canopy condominium - with 505 residential units across two 40-storey towers. The unit-mix features 1- to 4-bedroom apartments. The commute to from the development to the city centre takes about 35 minutes via the MRT, and about 20 minutes via the Ayer Rajah Expressway (AYE). The project has a range of facilities such as the gym, lap pool, tennis courts, and playground.
THE CLEMENT CANOPY Transactions in September 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#17-XX | 1,930,000 | 990 | 1,949 | 596,000 | Feb-17 | 5.0% |
#02-XX | 1,198,000 | 635 | 1,886 | 309,000 | Feb-17 | 4.1% |
#04-XX | 2,500,000 | 1,346 | 1,858 | 891,000 | Feb-17 | 6.1% |
#07-XX | 1,255,000 | 657 | 1,911 | 125,001 | May-21 | 3.2% |
#14-XX | 1,958,888 | 990 | 1,978 | 481,888 | Apr-18 | 4.5% |
Details
Location: West Coast Vale
Postal District: 5
Tenure: 99-year leasehold
Nearest MRT: Clementi (650 metres)
Year of Completion: 2021
Summary
Tucked directly at the edge of Clementi town is Twin VEW condominium - with 520 residential units across two 36-storey elevated towers. It comprises a unit-mix ranging from cosy 1-bedroom apartments to 2-, 3- and 4-bedroom units. Twin VEW offers its residents exceptional convenience, being located about 20 minutes from the city centre via the MRT and Ayer Rajah Expressway (AYE). Clementi MRT station takes commuters directly to employment hubs such as Raffles Place, Paya Lebar, and Jurong East within 20 minutes. The development features modern facilities, including tennis court, function room and lap
TWIN VEW Transactions in September 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#16-XX | 1,988,888 | 1,055 | 1,885 | 537,888 | May-18 | 5.2% |
#06-XX | 895,000 | 484 | 1,848 | 121,000 | May-18 | 2.3% |
#29-XX | 1,935,000 | 1,055 | 1,834 | 569,000 | May-18 | 5.7% |
#18-XX | 2,800,000 | 1,518 | 1,845 | 803,000 | May-18 | 5.5% |
#26-XX | 1,290,000 | 710 | 1,816 | 197,000 | May-18 | 2.7% |
#14-XX | 2,278,000 | 1,184 | 1,924 | 446,000 | Jan-21 | 6.1% |
City centre homes dominate top individual gainers
In September, the top gainers heralded from mostly Central Region homes, with the CCR leading the pack, pulling in bigger numbers in terms of profit quantum by individual deals. By a ranking of the gross profit, four out of the top 10 transactions were for units in projects located in the CCR, five transactions are located in the RCR, only one transaction in the OCR made the top 10 ranking.
The gross profits of the top 10 transactions - based on caveats lodged - ranged from $2.23 million to $3.92 million. In September, the units which chalked up larger gains were mostly sizeable large format condos that are more than 1,600 sq ft in size, and consisted mostly of older projects built in the 1970s to 2000s. The respective holding periods for the top 10 resale properties were mostly beyond 10 years - with only one transaction for a unit that was held for nearly 8 years.
Top 10 Resale Condo transactions in September 2024 by gross profit
It was found that the most profitable transaction in September 2024 was for a 22nd floor unit at Leonie Towers, a CCR project. It was resold for an estimated profit of $3.915 million, reflecting an annualised profit of 6.3%. Based on URA Realis caveat data, the 3,434-sq ft unit was first bought in February 2005 and subsequently resold for $5.6 million in September 2024, with a holding period of nearly 20 years. The project was built in 1976 and is situated in River Valley. It is just next to the Great World City MRT station on the Thomson East-Coast line (TEL).
The top gainer in the city fringe in terms of gross profit was for unit transacted at The Sovereign in district 15, which fetched a gross profit $2.7 million (annualised profit of 7.2%) based on caveats lodged. The 2,637-sq ft 9th-floor apartment was sold for nearly $6.2 million, with a holding period of nearly 8 years. The freehold project was built in 1993 and is also a short walk to the newly-opened Tanjong Katong MRT station on the Thomson-East-Coast line (TEL).
The only top 10 gainer in the suburbs for the month was for a 9th floor unit located in Changi Rise Condominium. The 3,444-sq ft unit was sold for $3.4 million, achieving an estimated profit of around $2.4 million which reflects a decent annualised profit of 4.7% over a holding period of 23 years. The sprawling condominium project is about 10 minutes' walk to either Upper Changi MRT station on the Downtown line or the Simei MRT station on the East-West Line. Residents are just minutes away from Changi Airport and Expo Convention Centre.
Modest gains garnered by resale transactions continue to prevail over the resale market, as downside risks persist amidst the moderating economic growth, market uncertainties, elevated interest rates. With interest rate cuts potentially coming on in September, resale activity and gains could
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